PhotoCure (Buy, TP: NOK150.00) - Q2 earnings broadly in line
Q2 sales were largely in line with our estimate and consensus, while adj. EBITDA was in line with consensus but slightly higher than our estimate. BLC placements in the US are set to accelerate from Q4 after Karl Storz delayed the launch of its new BLC until late-Q3. We reiterate our BUY and NOK150 target price.Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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